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Well from actually regularly visiting China and having a team reporting to me on ground, i don't think lack of innovation is remotely the problm in China. In te

by sfifs 6y ago

Well from actually regularly visiting China and having a team reporting to me on ground, i don't think lack of innovation is remotely the problm in China. In terms of a digitised economic model impacting regular Joes,m China is a few years ahead of where other markets are. When drawing conclusions, it's a good idea to test theories against hard evidence - BOTH factual and counter factual. Think tanks are notorious for cherry picking the factual evidence and ignoring inconvenient counter factual evidence due to the nature of their mission. That's the reason think tank reports don't make the grade of peer reviewed articles in prestigious academic journals.

xibalba 6y ago
> i don't think lack of innovation is remotely the problm in China From your on the ground experience, what do you think is the problem?
- sfifs 6y ago
  So what's happened i think is a bit of (1) Very rapid provincial/local government supported innovation and economic expansion across the board with little time for more "big picture" regulatory and risk management frameworks to catch up (2) a large growth in the number of relatively inexperienced financial market investors created by the expansion who fuel boom and bust market cycles. What you see is a bit of power balance struggle that is happening as the regulatory and risk management pieces of the government catches up to the expansion and innovation. It's happening across the board - financial, environment, safety, data privacy regulations (ie. companies buying/selling data) etc etc - these headline grabbing actions are one way to build popular support.. not too different from how prosecutors amd regulators operate in the West actually.
mola 6y ago
Yup, Think tanks devolved to (or started as?) propaganda machines. Nothing more.
vmurthy 6y ago
Thank you for this. I didn't remotely say that China isn't innovating. I meant to say that if China has ambitions of becoming a world leader in innovation, this kind of party sponsored innovation / innovators isn't probably the right way to go.

by sfifs 6y ago

xibalba 6y ago

> i don't think lack of innovation is remotely the problm in China From your on the ground experience, what do you think is the problem?

sfifs 6y ago
So what's happened i think is a bit of (1) Very rapid provincial/local government supported innovation and economic expansion across the board with little time for more "big picture" regulatory and risk management frameworks to catch up (2) a large growth in the number of relatively inexperienced financial market investors created by the expansion who fuel boom and bust market cycles. What you see is a bit of power balance struggle that is happening as the regulatory and risk management pieces of the government catches up to the expansion and innovation. It's happening across the board - financial, environment, safety, data privacy regulations (ie. companies buying/selling data) etc etc - these headline grabbing actions are one way to build popular support.. not too different from how prosecutors amd regulators operate in the West actually.

mola 6y ago

Yup, Think tanks devolved to (or started as?) propaganda machines. Nothing more.

vmurthy 6y ago

Thank you for this. I didn't remotely say that China isn't innovating. I meant to say that if China has ambitions of becoming a world leader in innovation, this kind of party sponsored innovation / innovators isn't probably the right way to go.